Mortgages are a critical component of the US housing market and a major financial decision for most American households. While the process of obtaining a mortgage may seem straightforward, there are many interesting and surprising facts about US mortgages that most people may not know. In this blog post, we will share ten fun facts about US mortgages that you need to know.
10 Fun Facts About US Mortgage That You Need To Know
The first recorded mortgage in the US was in 1635 in the Massachusetts Bay Colony.
The average mortgage debt in the US is approximately $200,000.
The average length of a mortgage loan in the US is 30 years.
Nearly 80% of all US homes are financed through a mortgage loan.
In 2019, the US mortgage market was valued at over $15 trillion.
The first government-sponsored mortgage organization in the US was the Federal National Mortgage Association (Fannie Mae), created in 1938.
The first adjustable-rate mortgage was introduced in the US in the late 1960s.
The first reverse mortgage was introduced in the US in 1961.
In the US, you can use a mortgage to purchase a house, a condominium, a cooperative, or even a manufactured home.
The interest paid on a mortgage loan is tax-deductible in the US.
Conclusion: These fun facts about US mortgages highlight the importance of this financial product in the US housing market and the significant role it plays in the lives of American homeowners. Whether you're a first-time homebuyer or a seasoned homeowner, understanding the history and workings of the US mortgage market can help you make informed decisions about your finances. If you're considering obtaining a mortgage, be sure to do your research and work with a trusted professional to ensure that you find the best loan for your needs.